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2011-08-31 17:00:00 CEST 2011-08-31 17:00:10 CEST REGULATED INFORMATION Pieno Zvaigzdes AB - Interim informationPieno zvaigzdes AB, not audited financial results for the first six months of 2011Vilnius, Lithuania, 2011-08-31 17:00 CEST (GLOBE NEWSWIRE) -- Based on preliminary unaudited results Company‘s sales over six months in 2011 accounted to LTL 337.2 million (97.6 million EUR), 23% better compared to a year ago. Sales resulted in LTL 273.4 million (79.2 million EUR) over six months in 2010. Increased demand in export markets had the major impact on Company's financial results in the first six months of 2011. Export sales increased by 39% and generated proceeds of LTL 176.7 million (51,2 million EUR) compared to LTL 126.9 million (36.7 million EUR) a year ago and accounted to 52% of total proceeds over the period. Over the six months of the year 2011 Company's EBITDA accounted to LTL 31.1 million (9.0 million EUR), the Company earned a net profit of LTL 11 million (3.2 million EUR) compared to a loss of LTL 0.8 million (0.2 million EUR)over same period in 2010. Profitability in domestic market this year was limited by on average 22% higher raw milk prices and minimal corrections of the product sales prices. This year, similar to last year, profits were generated mainly due to successful exports. The Company‘s Board is positive of financial result reached over the six months in 2011 taking into account high raw milk price. With respect to financial results reported over the six months in 2011 and market trends in the second half of 2011 the Company‘s management is staying with the initial forecast for year end 2011 results: expected sales close to LTL 700 million (close to 200 million EUR), expected EBITDA profitability around 11% and net margin around 4.0%. Audrius Statulevicius CFO (+370 5)246 1419 |
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